Industrial and retail property sectors gathered steam as absorption vaulted; retail rents reversed their 4.5-year slide. Commercial property transactions settled down following an impressive end-of-year spike, but buyer appetite otherwise showed strength: prices are at, and CMBS issuance is near, post-recession highs. Apartment rents reached an all-time high. Distress sales continue to drag down existing home prices, but foreclosures are now at 6-year lows.
The top ten trends in this month’s Barometer:
Employment growth in February was almost double that witnessed in January; the unemployment rate inched down to its lowest level since the end of 2008. Consumer confidence jumped sharply; the manufacturing sector expanded for the third-straight month. S&P 500 returns were above the historical monthly average.
Read more...ULI Real Estate Business Barometer -- March 2013